How to automate categorization based on rules?

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Comments

  • rwall88rwall88 Member Posts: 11

    @mattschilds you can already filter new transactions by marking old transactions as reviewed. That is the green checkmark. It works pretty well.

  • mattschildsmattschilds Member Posts: 4

    I use that to reconcile my bank statements. Just wish I could get the program to stop trying to help me categorize stuff.

  • rwall88rwall88 Member Posts: 11

    I am okay with creating auto-categorizing rules manually if that feature could be more easily achieved than the fully smart auto categorization. Either way, I will certainly need a way to manually change auto auto categorization rules.

  • AlexiaAlexia Administrator Posts: 3,314 admin

    Hi, @rwall88,

    Auto-categorization learns as you fix its mistakes (machine learning is really cool!). As you help the system understand your transactions better, it'll get faster and more accurate, up to the point where it will only require a quick review every now and again.

    edited October 15, 2018
  • rwall88rwall88 Member Posts: 11

    Thank you

  • MikeAmicoMikeAmico Member Posts: 1

    @Alexia said:
    Hi, @rwall88,

    Auto-categorization learns as you fix its mistakes (machine learning is really cool!). As you help the system understand your transactions better, it'll get faster and more accurate, up to the point where it will only require a quick review every now and again.

    This answer needs to be posted as a sticky to the first page.

    edited October 15, 2018
  • waveisawesomewaveisawesome Member Posts: 13

    so in conclusion WHEN wave have this function or never, just let me know so i can decide to stay or leave.

    thanks

  • justin_t_brownjustin_t_brown Member Posts: 1

    @Alexia, It's really great you've been keeping folks up-to-date on this feature. Many thanks.

  • GoodAccountingGoodAccounting Member Posts: 29

    Pretty silly guys. Not having an 'Off' feature? I'm not a software Engineer, but I am an Engineer. I love that you guys strive to improve, but you shoot yourselves in the foot buy not thinking ahead. Auto-categorize is great... For Some People. I wire money all the time to different places. Wave just auto-cat's it to the last place i wired money. And I can't turn this off? Can't imagine the nightmare this has caused for people with high volume transactions. *face palm.

    edited November 14, 2018
  • JordanDJordanD Administrator, Moderator Posts: 515 admin

    @GoodAccounting Thanks so much for your feedback! As a user as well as an employee, I can relate to your gripes with the autocategorization tool at times. I assure you that as this is a new tool, the team at Wave is working on refining the machine learning aspect to the feature moving forward, and appreciate your patience while we continue to build out this feature to be less clunky.

  • TaraTara Member Posts: 1

    I switched to Wave from Quickbooks over a year ago because Quickbooks online is so expensive. I've been using the bulk categorize feature for my repeating transactions. It still takes hours longer then using Quickbooks. I have been waiting for Wave to implement some sort of rule creation feature for over a year now! Promises that its coming have not come to fruition. How is it that you don't have this same simple feature that every other accounting software has? Its such a huge time saver. Alas, now that I'm getting more online sales, I just can't keep assigning accounts for every single shipping fee, merchant fee, etc for every single order. I'm going back to Quickbooks. Its too bad because I like your interface so much better. I also love your invoicing feature, and use it as an easy way for my wholesale customers to pay me online. I will miss it, but I just can't keep wasting hours re-assigning the same transactions over and over. Its maddening!

  • JamieDJamieD Administrator Posts: 1,145 admin

    Hey @Tara -- I do appreciate the insight of how auto-categorization could be improved to work better for your business. It definitely gives us an idea of what your work flow would be like in terms of creating rules for the categories (especially similar accounts for shipping/merchant fee etc). We're hoping that within the year we will have something more intuitive implemented to make the categorization of your accounts more simple.

  • tschwartztschwartz Member Posts: 3

    Has this feature been accomplished yet? I can't seem to find it and its absolutely insane if it hasn't been done yet.

  • JamieDJamieD Administrator Posts: 1,145 admin

    Hey @tschwartz. If you are referring to the auto-categorization feature itself, this is something that we definitely have in Wave as of right now: https://support.waveapps.com/hc/en-us/articles/360001301666-All-about-automatically-categorizing-transactions -- in terms of being able to disable the function of auto-categorization, this is something that still isn't available to our users, and we don't have a solid ETA as to when this would be available.

  • tschwartztschwartz Member Posts: 3

    @JamieD ya this is not what I meant. Assuming you have used Xero or QBO or basically any other accounting software on the market, you can set bank rules. "When $XX comes in on account X, assign to X and categorize as X"

    Rules are a pretty simple function that I am surprised you do not have.

  • AlexLAlexL Administrator Posts: 2,087 admin

    Hi @tschwartz . Wave doesn't currently support rules for imported transactions. Can you give us your workflow and how this would be used for your business so we have a better understanding of how this would help your business out?

  • tschwartztschwartz Member Posts: 3

    @alexlewiszarkos sure, when I have a transaction that comes in from XYZ Company often, the purpose of bank rules is to set it to a vendor and a category once and have it auto pick those in future. I would suggest you check out the way Xero and QBO do this.

    Here is also a quick 2 min video on my suggestions. https://cl.ly/121090

  • SamdSamd Administrator Posts: 557 admin

    Thank you @tschwartz - especially for the video, this is really helpful!

  • kennethyimkennethyim Member Posts: 3

    Wait, what? It's been a year or more since this has been brought up, and still no auto-categorization? Like many people here, this is a deal breaker.

  • JordanDJordanD Administrator, Moderator Posts: 515 admin

    Hey @kennethyim since this thread started, we have launched an auto-categorization feature in Wave for Wavers who have a bank connection established. You can learn more about this here: https://support.waveapps.com/hc/en-us/articles/360001301666-All-about-automatically-categorizing-transactions Should you have any additional questions about using the Autocategorization feature, feel free to leave a comment at the bottom of that article and a Waver or Admin will be happy to help :)

  • TimKTimK Member Posts: 40

    @JordanD said:
    Hey @kennethyim since this thread started, we have launched an auto-categorization feature in Wave for Wavers who have a bank connection established. You can learn more about this here: https://support.waveapps.com/hc/en-us/articles/360001301666-All-about-automatically-categorizing-transactions Should you have any additional questions about using the Autocategorization feature, feel free to leave a comment at the bottom of that article and a Waver or Admin will be happy to help :)

    I'd just as soon turn it off. It auto categorizes my transactions WRONG almost every time. It certainly is NOT learning as I have to change my Cable bill payment from "Utilities - Electric" category every month (I don't remember which bill it gets wrong but it is one of the utilities). And the rest of them are typically left uncategorized despite 2+ years of data showing the exact same payments to the same vendors and the same categories. Speaking of Vendors, again, the fact that Vendor's can't be picked up and auto-applied at this point is aggravating as well.

  • noxigennoxigen Member Posts: 8

    So with the new redesign and all the new features, I still don't see a way to set up reconciliation rules to automatically categorize items based on criteria like a string match. Am I missing something?

  • AlexLAlexL Administrator Posts: 2,087 admin

    Hey @TimK . Totally understand your frustrations here. The auto-cat feature is definitely constantly being improved but it does have some flaws. The long-term goal is that it contributes to your workflow instead of taking away from it, especially when any mis-categorized transactions would have to be categorized to something without the auto-cat feature anyways. Thank you for putting this on our radar though, your feedback is appreciated.

    Hi @noxigen . There's no current ability to choose rules to have your transactions categorize in specific ways, although the auto-cat function will automatically categorize if you have an active bank connection.

  • noxigennoxigen Member Posts: 8

    I have some transactions that come in the exact same way every month. I manually categorize them every month. Hopefully the new changes will auto-cat those going forward. I honestly don't understand why Wave would add a categorization rules features with all the feedback you are getting from customers.

  • JordanDJordanD Administrator, Moderator Posts: 515 admin

    @noxigen Thanks for leaving your sentiments in regards to the autocategorization rules. This is definitely what we consider to be Version 1 of the feature and are looking at ways to improve it as we continue to see users leaving us with detailed solutions or feature ideas. Your feedback is important and felt by many and I hope that future updates to the feature will add value to your workflow in Wave.

  • PeregianAccountingPeregianAccounting Member Posts: 2

    Being a long term user of XERO, Quickbooks and MYOB and an accountant in Public Practice, give me XERO rules every time. QB auto categorises but does a terrible job at it. Laughable really. Have to check each transaction every time. It looks ok on the screen, it allocates a vendor and an account but when you drill down you see it was for something completely different. Not sure what you experience OS is but Intuit/Quickbooks in Australia cannot be recommended. Their customer service is poorly named at best
    At least with XERO rules they will allocate according to what you tell them. Not change their mind every time you use the program. True XERO is getting worse, not better but compared to QB, XERO every time. Wave seems to still be listening to users, unlike XERO who just say they are but have not for years now. Mention QB to any of my staff and they all groan.
    Wave is not quite there yet for me to recommend to most clients but it is close and getting closer every time I look. Obviously you have to fix that date issue, inventory is no solution really, payroll and a heap of other things.
    For a personal user or a small business who does not need bells and whistles, Wave is a good choice and hopefully will continue to improve.

  • BarsinBarsin Administrator Posts: 1,910 admin

    Hey @PeregianAccounting

    I was super pleased to sit in on a presentation from one of our developers in some updates to the auto-cat feature. We should be seeing some MAJOR improvements but I sadly can't say when this will come into production. So an ETA is not available right now, but we are working on this! :smiley:

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